Value reached 7.71 euros per square meter
The median rent for the 23,637 new rental contracts in Portugal rose 11.6% in the fourth quarter of 2023, to 7.71 euros per square meter, compared to the same quarter of 2022, according to the National Statistics Institute (INE).
In the third quarter of last year, the median income from rental contracts in the country had increased by 10.2%, year-on-year, says INE in a statement, adding that the number of new contracts in the fourth quarter of 2023 also increased 4.5% year-on-year.
The statistics institute also mentions that in relation to the fourth quarter of 2022, the median income increased in all NUTS III sub-regions, with the exception of the Autonomous Region of the Azores, where it decreased by 3.2%.
The highest rents were recorded in Greater Lisbon (12.54 euros/m2), Península de Setúbal (9.65 euros/m2), Autonomous Region of Madeira (9.30 euros/m2), Algarve (9.09 euros /m2) and in the Porto Metropolitan Area (8.64 euros/m2).
According to INE, in the fourth quarter of last year there was a year-on-year increase in median income in the 24 municipalities with more than 100 thousand inhabitants, with Funchal standing out with growth of more than 20% (+23.1% ), Setúbal (+21.1%) and Vila Franca de Xira (+20.3%).
Lisbon had the highest median income (15.51 euros/m2), although it had a year-on-year variation lower than the national one (9.8%), he adds.
